The Best Cheap New Mexico Car Insurance for 2024

Car insurance is required by law in nearly all states to help protect others on the road. While the national average cost is over $2,800 per year, New Mexico auto insurance is typically much cheaper than that. Here's a closer look at which companies offer the best car insurance in New Mexico for several common driver profiles.

• Best for typical drivers: Geico
• Best for drivers with prior accidents: State Farm
• Best for drivers with prior speeding tickets: State Farm
• Best for young drivers: Geico
• Best for senior drivers: Geico
• Best for drivers looking for minimum coverage: Central Insurance
• Best for drivers with poor credit: Geico

Best for typical drivers

A 35-year-old female driver with a clean record pays about $1,752 per year for New Mexico auto insurance while her male counterpart pays $1,789 per year. But both can save considerably by going with Geico. Its average annual premiums for female and male drivers in New Mexico are just $1,056 and $1,016, respectively.

These insurers are also among the best car insurance companies in New Mexico:

• State Farm, which charges men and women about $1,200 per year for New Mexico auto insurance
• Nationwide, where women pay about $1,361 per year and men pay about $1,389 per year

Best for drivers with prior accidents

Drivers with a single accident on their records should take a closer look at State Farm. Its average annual premium for these drivers was just $1,302 -- well under the state average of $2,398 per year for these drivers.

These companies also offer some of the best car insurance in New Mexico for drivers with prior accidents:

• Geico, which charges these drivers about $1,631 per year
• Nationwide, where drivers with a single accident pay $2,110 per year

Best for drivers with prior speeding tickets

Drivers with prior speeding tickets may also want to check out State Farm. While the state average for drivers with one ticket is $2,152 per year, State Farm will cover them for just $1,302 per year.

These companies also offer cheap auto insurance in New Mexico to drivers with speeding tickets:

• Geico, where the average annual premium for these drivers is $1,344
• Nationwide, which charges these drivers about $1,704 per year

Best for young drivers

A typical 18-year-old male driver with no accidents pays about $4,799 per year for New Mexico auto insurance. But those who choose Geico can get the same coverage for just $3,005 per year.

These companies also offer cheap car insurance quotes in New Mexico to teen drivers:

• State Farm, where a teen driver pays about $3,013 per year on average
• Farm Bureau Financial Services, which charges teens about $3,358 per year

Best for senior drivers

Seniors pay about $1,603 per year for New Mexico auto insurance. But once again, Geico offers a much lower rate. Its drivers only pay about $974 per year.

Senior drivers can also score affordable car insurance in New Mexico with these insurers:

• State Farm, where seniors pay about $1,072 annually
• Nationwide, which charges the average 65-year-old driver about $1,155 per year

Best for drivers looking for minimum coverage

New Mexico minimum car insurance only costs about $512 annually, but drivers hoping to save even more should turn to Central Insurance. It only charges about $348 per year for state minimum coverage.

Drivers can also get cheap liability car insurance in New Mexico with these companies:

• State Farm, where minimum coverage costs about $381 per year
• Geico, which charges $402 per year for New Mexico minimum car insurance

Best for drivers with poor credit

Drivers with bad credit can expect to pay about $2,830 per year for New Mexico auto insurance. But those who choose Geico can get coverage for nearly $1,000 less. Its average annual premium for these drivers is just $1,875.

New Mexico drivers with bad credit can also score low-cost car insurance with these companies:

• State Farm, where these drivers pay about $1,962 per year
• Nationwide, which charges drivers with bad credit about $2,245 per year

Average car insurance cost in New Mexico compared to the national average

How much is car insurance in New Mexico? That depends on several factors, like a driver's record, vehicle make and model, address, and more. But typically, New Mexico auto insurance rates are well under the national average. Here's a look at how its average annual premiums stack up to the rest of the country for some of the driver profiles discussed above.

New Mexico auto insurance laws

All drivers should familiarize themselves with these New Mexico car insurance laws:

New Mexico is an at-fault auto insurance state

New Mexico is an at-fault state. In an accident involving two or more vehicles, the driver who is found to be at fault is responsible for paying the medical bills for all parties involved. This is different from no-fault states where each driver bills their own insurer for medical expenses.

Consequences for driving without insurance in New Mexico

Drivers who skip New Mexico minimum auto insurance will have their vehicle registration suspended until they're able to present proof of insurance. Failure to turn in the license plates and vehicle registration within 10 days of receiving a Notice of Suspension of Registration letter from the state may result in further criminal penalties.

New Mexico minimum coverage requirements

All New Mexico drivers must carry at least the following coverage with their insurance company:

Bodily injury liability coverage

Drivers must have at least:

• $25,000 of bodily injury liability coverage per person
• $50,000 of bodily injury liability coverage per accident

Property damage liability coverage

In addition, drivers must carry at least $10,000 of property damage liability coverage.

How to get cheap auto insurance in New Mexico

Drivers seeking the cheapest car insurance in New Mexico should try the following:

• Shop around: All car insurers weigh risk differently, which is why the same driver is quoted a variety of prices. Never rely on only one insurance provider for a quote.
• Claim all possible discounts: Most discounts are automatically applied to a driver's premium, but there might be some other discounts drivers have to opt into. For example, those hoping to claim a driver monitoring discount must opt into the program.
• Choose a higher deductible: Deductibles are the out-of-pocket costs a driver pays in the event of an accident, while premiums are the monthly costs. Choosing a higher deductible usually lowers premium costs.

Other things to consider when looking for car insurance in New Mexico

Here are a few other things drivers should keep in mind when shopping for New Mexico car insurance:

New Mexico has the fourth-highest rate of uninsured drivers in the nation

About 21.8% of New Mexico's drivers are uninsured. This is a serious concern for everyone, even drivers who do have insurance. Those who want to be fully protected should consider adding uninsured and underinsured motorist coverage to their policy. This protects them if they're hit by a driver who doesn't have insurance or who doesn't have enough to cover the full cost of the damages.

Albuquerque is a hotbed for auto theft

About 5,835 cars were stolen in Albuquerque in 2020. That makes it the city with the sixth-highest rate of auto theft in the nation. Drivers who live or work here should consider adding comprehensive coverage to their car insurance coverage. This protects the policyholder's vehicle against theft, vandalism, animal-vehicle collisions, bad weather, and more.